Bank teller Vanesa Wetenkamp of Manitowoc works inside Shipbuilders Credit Union recently. This is the 75th year in business for Shipbuilders. / Matthew Apgar/HTR Media

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HTR Media Correspondent

Mike Steimle, president of Shipbuilders Credit Union, works inside the bank during a recent afternoon. / Matthew Apgar/HTR Media

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MANITOWOC — Shipbuilders Credit Union began in 1938 as a benefit to the employees working at the Manitowoc Company to have access to a savings and loans. In 1999, it opened its doors to the community, and has grown to three locations, 28 employees, $68 million in assets, and 8,259 members.

Shipbuilders received a community charter to open in Manitowoc County. Shipbuilders is currently open to anyone who is residing in or employed in Brown, Calumet, Door, Kewaunee, Manitowoc or Sheboygan counties, and any immediate family members of anyone residing or employed in the eligible counties.

President and CEO Mike Steimle came to Shipbuilders in 2000. Despite having a slower growth in 2012 due to the downturn in the economy, the credit union’s income has continued to remain high.

“For our size credit union we have a very high loan-to-value ratio,” Steimle said. “The highest amount of our income comes from making loans which has helped us ride the storm out. We look for ways to make loans.

Shipbuilder’s Credit Union offers loans, business lending, home equity line of credit, savings and checking accounts, online banking and special savings programs for teens and kids to its members.

One of the biggest challenges Shipbuilder’s has faced recently is that property values have decreased due to the downturn in the economy. However, Shipbuilder’s has been able to find ways to work with members to continue to give out help. “We’ll work with people the best they can,” Steimle said. “We have strong policies in place, and if you make decent loan decisions, don’t take undo risk, you can survive the downturn of the economy.”

Shipbuilder’s has kept fees low for its members. “As a credit union we are here to take care of our members. We want to give back to the community we live in,” Steimle said.

One of the ways Shipbuilders gives back to the community is by creating the “Ship to Shore Savings Card,” which offers discounts for members to local businesses. “We try to give back to promote everything in the local community. We want to give back to the community that we live in. We want to support those people,” says Steimle.

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Shipbuilders sponsors days throughout the year for their members where they give out brats and hamburgers, ice cream in the summer, and a chili bar in November. Shipbuilder’s will again be a major sponsor for 2013’s Lakeshore Weekend on Aug. 4-6. All proceeds from the event benefit Children’s Hospital of Wisconsin, where Lakeshore children are referred by local physicians. Shipbuilders donates a monetary contribution, and donates a number of volunteer hours to the event, including all the cash handling.

The difference between a credit union and a bank is that a bank is a for-profit institution whereas the credit union is non-for-profit. The board of director’s at Shipbuilder’s is all-volunteer and elections for its board position are held every year. The biggest ways Shipbuilder’s has reached out to new clients is through its ads in newspapers, TV and word of mouth.

“The heart of Shipbuilders is our old fashioned way of doing things. We want to treat people the way they want to be treated. We want to give people what they want. We’re flexible and adaptive,” Steimle said.

All employees at Shipbuilders play an important role to its members.

“I take a lot of pride in our employees. It shows to the members. They can see if the people here care or not. We want our members to feel comfortable and wanted, and we care about everybody,” Steimle said.

Shipbuilders has three locations — 2001 Washington St., Manitowoc; 200 N. Rapids Road, Manitowoc; and 309 East Main St., Mishicot. Go to www.shipbuilderscu.com for more information on Shipbuilders Credit Union.

To reach either of the Manitowoc branches call (920) 682-8500. To reach the Mishicot branch call (920) 755-3200.